UK video game industry to benefit from additional $5m boost
The UK Games Fund is set to receive an additional uplift of $5 million as part of a broader initiative aimed at increasing support for the creative industries in the UK.
With this funding boost, the annual budget of the UK Games Fund will exceed £13.4 million. The fund plays a crucial role in supporting the early-stage development of studios and developers, as well as the broader interactive entertainment industry. It helps emerging video game developers turn their ideas into working prototypes and provides them with opportunities to showcase their projects to potential investors.
Paul Durrant, CEO of the UK Games Fund, expressed excitement about the new funding, stating that it would allow them to support early-stage projects on a larger scale. They plan to identify opportunities where their funding can unlock additional resources and drive the development of new game intellectual properties (IPs). The fund aims to support companies within their existing community and those whose projects have previously exceeded the grant size available to them.
While the additional £5 million may seem modest compared to the significant investments seen in the broader video game industry, it will undoubtedly provide a significant boost to smaller, early-stage studios and development teams. While some aspects of the industry may require further support, the allocation of these funds indicates that the government recognizes the potential economic impact of the video game industry and suggests a commitment to ongoing consultation and consideration.
Industry reactions have been largely positive, with Daniel Wood, Co-CEO of video games trade body UKIE, expressing satisfaction with the government's commitment to boosting the creative industries.
He emphasized that the UK games industry is a powerful driver of economic growth, creating high-quality jobs across the country and contributing over £5 billion in Gross Value Added (GVA), with 80% of the industry located outside London and the Southeast. Wood also praised the additional £5 million funding for the UK Games Fund, noting that it will support more UK games businesses in scaling up, accessing the necessary finance to create the next generation of games and deliver innovative and original content for a global audience.
Source: Iwan Morris, Staff Writer at PocketGamer